SB 953

ON APRIL 14 , 2025, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 953, AS AMENDED. AMENDMENT #1 rewrites the bill to, instead, make the following revisions to present law:  Authorizes, a fter July 1, 2025, a political subdivision to adopt a supplemental bridge benefit for members who are in positions covered by mandatory retirement provisions. This supplemental bridge benefit must apply to those members retiring on or after the effective date of the resolution adopted by the political subdivision's chief governing body, and who have reached 55, but less than 62. The supplemental bridge benefit and any cost-of-living adjustments attributable to that benefit must commence on the member's effective date of retirement or on the first day of the month following the month the member reaches 55, whichever is later. Members retiring between 55 and 60 must be paid the supplemental bridge benefit for a period not to exceed seve n years after the member's effective date of retirement. Members retiring after reaching 60, but no later than 62 must be paid the supplemental bridge benefit until the member reaches 67. The supplemental bridge benefit and any cost-of-living adjustments attributable to the benefit must cease on the first day of the month following the month in which the member dies, or on the first day of the month following the last month of the supplemental bridge benefit payments, whichever occurs first.  Authorizes political subdivisions that have previously adopted a supplemental bridge benefit prior to July 1, 2025, to adopt, through a resolution passed by the political subdivision's chief governing body, the supplemental bridge benefit described above . The political subdivision's change to the supplemental bridge benefit must be irrevocable, and the political subdivision must not be permitted to elect the previously adopted supplemental bridge benefit at a later date.  Provides that the supplemental bridge benefit is considered a part of the retiree's retirement allowance for purposes of present law provisions relative to reemployment after retirement .